Investment Banking Summer Analyst

INVESTMENT BANKING DIVISION OVERVIEW

The Investment Banking Division (IBD) provides broad-based, global service with expertise in mergers and
acquisitions, privatizations, and equity, debt and high-yield financings. Investment Banking encompasses two areas:
Industry Coverage Investment Banking and the Financing Group. This dual structure enables the firm to offer the
broadest range of products and advisory services, furthering its ability to deliver best-in-class solutions to clients.

Industry Coverage Investment Banking provides expertise across products, industries and regions. The firm’s team-
driven approach to client service enables bankers to play an important role in building relationships and executing
transactions, including mergers and acquisitions, equity / equity-linked and debt financings, joint ventures,
restructurings and financial investments. Summer analysts aligned to industry groups will have a wide range of
responsibilities, including financial analysis and modeling, preparation of presentation materials and company and
industry research in support of live transactions and client relationships.

The Financing Group originates and executes all financing initiatives within Goldman Sachs. Within a dynamic,
market-driven environment, teams work closely with corporate clients, pension funds, financial sponsors and
governments to structure and execute some of the largest and most complex financing and risk management
transactions. The goal is to provide clients with the best and most innovative financing and risk management
solutions across the full product spectrum, including equity, debt and derivatives. To achieve this goal, the Financing
Group comprises all of Goldman Sachs' capital markets departments, and works closely with other areas of
Investment Banking and other divisions within the firm, including the Securities Division.

ROLE AND RESPONSIBILITIES

The Summer Analyst Program is a rewarding experience for undergraduates. By working alongside Goldman
professionals, summer analysts learn the skills and knowledge necessary to become integral members of Goldman
Sachs’ project and client teams. An emphasis on learning on the job is complemented by a brief training session.

After the training session, summer analysts are placed into a specific group. By concentrating in a specific area,
analysts quickly develop proficiency and participate in many aspects of financial transactions. Summer analysts are
involved with teams of professionals at all levels who serve as both instructors and mentors. Within this environment,
ideas are continuously shared and creative thinking and individual initiative are encouraged.

Summer analysts will gain exposure to the firm’s businesses and expanded knowledge of the investment banking
industry while developing important analytical and communication skills. As a commitment to the development of
summer analysts, all responsibilities, performance, goals and professional development are reviewed by team
members both at mid-summer and end of summer.

QUALIFICATIONS
• A keen, long-term interest in investment banking
• Drive, enthusiasm, creativity and excellent interpersonal skills
• Strong quantitative and technical abilities
• An outstanding academic record (recommended course work in finance, economics and accounting)
• Personal integrity, initiative and leadership qualities
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• Strong verbal and written communications skills
• Strong multi-tasking and time management skills
• Ability to work as part of a team in an environment that demands excellence, time and energy

INDUSTRY COVERAGE GROUPS

Consumer Retail and Healthcare Group: The Consumer Retail and Healthcare Group (CRHG) advises clients in
the consumer products, retail and healthcare sectors on a broad range of financial transactions, including mergers
and acquisitions, equity / equity-linked financings, leveraged buyouts, equity IPOs and follow-ons, leveraged finance
and investment grade debt financings, joint ventures and restructurings. The Consumer Retail and Healthcare
Group at Goldman is a global platform with a strong presence in all major markets around the world. Key sub-
sectors in Consumer Retail Healthcare include Beverages, Branded Food, Household Products / Personal Care,
Apparel / Specialty Retail, Department Stores, Restaurants, Supermarkets / Drugstores, Biotechnology, Diagnostics
/ Life Sciences, Healthcare Information Technology, Healthcare Services, Medical Devices, and Pharmaceuticals.

Financial Institutions: The Financial Institutions Group (FIG) advises clients in the financial institutions sector on
various financial transactions, including mergers and acquisitions, equity / equity-linked and debt financings,
structured finance arrangements, joint ventures, restructurings, risk management and financial investments. Key
sub-sectors in Financial Institutions include Banks, Specialty Finance, Insurance, Asset Management and Financial
Technology. Summer analysts in the group will have a wide range of responsibilities that support live transactions
and client relationships, including financial analysis and modeling, preparation of presentation materials and
company and industry research.

Financial and Strategic Investors Group: The Financial and Strategic Investors Group (FSIG) group provides both
coverage and execution banking services to our client base which is comprised of a broad range of financial
sponsors, from the world’s largest private equity firms to some of the leading mid-market investors, as well as family
offices. The team assists clients across the life cycle of their investments, from investment-idea generation, asset
acquisition and financing-through to monetization via re-financings, sell side advisory and IPOs. The group interacts
extensively with all parts of the firm, providing an outstanding platform to learn from working firsthand with bankers
across all product areas and industry groups.

Industrials: The Industrials (IND) group advises clients in the industrials sector on various financial transactions,
including mergers and acquisitions, leveraged buyouts (LBOs), equity / equity-linked and debt financings, joint
ventures, restructurings, activism defense and financial investments. Key sub-sectors in Industrials include
Aerospace & Defense, Automotive & Auto Parts, Building & Construction, Business Services, Diversified Industrials,
Paper & Packaging, and Transportation & Logistics.

Natural Resources: The Natural Resources (NR) group advises clients around the world in the natural resources
sector on various financial transactions, including mergers and acquisitions, leveraged buyouts (LBOs), equity /
equity-linked and debt financings, commodity hedging, joint ventures, restructurings and financial investments. Key
sub-sectors in Natural Resources include: Energy, Power, Chemicals, Metals and Mining and Alternative Energy
(Clean Tech and Renewables).
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Public Sector & Infrastructure (Job Code: PSI2017): The Public Sector & Infrastructure (PSI) group cultivates
underwriting and advisory relationships with state and local governmental entities, not-for-profit hospital and
healthcare organizations, higher education organizations, public power and utility systems, transportation and mass
transit agencies, sport franchises and other public projects by assisting them in meeting their short-term and long-
term financing needs. The group focuses on origination, structuring and execution of a variety of municipal debt,
derivative and public-private partnership transactions across the U.S. The multi-functional group combines client
coverage with product expertise, capital markets expertise and deal execution.

Real Estate, Lodging & Gaming: The Real Estate, Lodging & Gaming industry coverage group advises clients in
the real estate sector on various financial transactions, including mergers and acquisitions, equity / equity-linked and
debt financings, joint ventures, activism and raid defense, restructurings, financial investments and other strategic
alternatives. Key sub-sectors in Real Estate include REITS (industrial, healthcare, office, multi-family, regional mall,
shopping centers), hotels/lodging, casino and resort operators, slot machine and lottery companies, internet gaming
as well as coverage of real estate and gaming sponsors. The Real Estate, Lodging & Gaming coverage group
partners closely with the Real Estate Financing Group (REFG), a 50/50 joint venture between investment banking
and Fixed Income, Currencies & Commodities (FICC) that provides real estate financing solutions, as an agent or
principal, for our clients across the real estate sub-sectors.

Sponsor M&A Execution: The M&A Execution team advises our financial sponsor clients and their portfolio
companies across a wide range of industries on mergers and acquisitions transactions. The group works across
sectors to target, pitch and execute M&A transactions for the world’s largest private equity firms and leading private
capital investors. The group focuses on the comprehensive execution of M&A transactions while interacting
extensively with industry and product groups. As a result, the team provides an outstanding platform to learn the
craft and techniques of M&A (valuation, negotiation, etc.) and get extensive exposure to various industries and areas
of the firm.

Technology, Media & Telecom: The Technology, Media & Telecom (TMT) group advises clients in the technology,
media and telecom sector on various financial transactions, including mergers and acquisitions, equity / equity-linked
and debt financings, joint ventures, restructurings and financial investments. Key sub-sectors in TMT include
Semiconductors & Electronics, Hardware, Software, Internet, Entertainment, Publishing, Advertising, Broadcasting,
Information Services, Cable, Wireless, Hosting and Satellites.

West Region Advisory: The West Region Advisory (WRA) group is a multi-industry investment banking coverage
group that provides broad-based, global service with expertise in M&A as well as equity, debt and high-yield
financings. When working on deals you will have the opportunity to work on transactions across multiple industry
sectors, including Healthcare, Industrials, Natural Resources, Consumer Retail, and Real Estate.

FINANCING GROUP
Equity Capital Markets: The Equity Capital Markets (ECM) team originates, structures, and executes equity,
convertible and equity derivative financings and solutions on behalf of Goldman Sachs’ global corporate client base.
The group cultivates day-to-day advisory relationships with multinational corporations, private companies,
governments and financial sponsors. The group is divided both by product (cash equity, private placements,
 Investment Banking Summer Analyst
structured equity) and by industry (to mirror those in Classic Investment Banking) and works closely with many other
areas of the firm, particularly Equity Sales and Trading and Classic Investment Banking.

(IGCMRM) is comprised of two main product areas: (1) investment grade capital markets, which includes the IG
Syndicate Desk and Liability Management, and (2) risk management (corporate derivatives).

Investment Grade Capital Markets: The Investment Grade Capital Markets (IGCM) team advises investment grade
rated corporations, financial institutions and governments on capital structure across debt, hybrid, derivative, and
equity-linked products. The group acts in concert with our traditional Investment Banking coverage effort and
alongside the specific expertise of our associated product groups to execute Investment Grade financings and cross-
market products such as derivatives and risk management, convertibles, accelerated share buybacks and liability
management transactions.

Investment Grade Syndicate: The Investment Grade Corporate Syndicate desk sits between capital markets,
banking, and sales and trading and is responsible for marketing, pricing, and distributing new corporate bonds,
hybrid and preferred stock USD issues for highly rated companies from around the world.

Liability Management: The Liability Management group is a specialized product group within Capital Markets that
advises on and executes public and private debt transactions including tenders, exchanges, and consents often as
part of broader corporate restructurings including asset sales, mergers, acquisitions and refinancings.

Risk Management (Corporate Derivatives): The Risk Management (Corporate Derivatives) desk helps clients
develop customized risk management strategies through the execution of interest rate, FX and credit derivatives.
The group works closely with our traditional Investment Banking coverage and the various financing groups (IGCM,
Lev Fin, Securitization) to analyze risks in M&A and other strategic transactions. Once the hedging strategy is
developed, the team interacts directly with clients to price and execute the trade.

(ACFG) is comprised of two main product areas: (1) Leveraged Finance and (2) Structured Finance.

Leveraged Finance: The Leveraged Finance (Lev Fin) group advises, originates, structures and executes bank loan
and high yield bond financings for corporate clients and financial sponsors, including LBOs, refinancings, M&A
transactions and restructurings. The group focuses on the high yield bond and bank loan debt products and works
closely with the Leveraged Finance Syndicate Desk as well as Classic Investment Banking.

Leveraged Finance Syndicate: The Leveraged Finance Syndicate Desk specializes in underwriting and syndicating
bank loans and high yield bonds, which are key components of leveraged financings, including LBOs, refinancings,
M&A transactions, and restructurings. Specifically, the group is responsible for helping originate, structure, market,
price, and distribute bank loans, bridge loans, and high yield bonds for sub-investment grade, more highly levered
companies around the world. The desk acts as a point of contact between the debt capital markets (including sales,
trading, research, and buyside investors), Leveraged Finance and the industry groups, as well as issuing clients
(corporates and financial sponsors).
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Structured Finance: The Structured Finance group works with clients to monetize assets and cash flows through
recourse and non-recourse financing structures. Specifically, the group is responsible for originating, structuring and
marketing highly structured transactions backed by a diverse set of assets, including domestic and international
project finance assets, tech enabled lending platforms, film & entertainment related cash flows, commercial aircraft
and related lease cash flows, catastrophe bonds, franchise royalty and intellectual property cash flows, auto and
student loans and adjacent industries.

Real Estate Financing Group (Job Code: REFG2017): The Real Estate Financing Group (REFG) provides
mortgage financing primarily on large office, retail, multi-family, industrial and hotel assets. The group executes a
wide range of real estate financing solutions for our clients by acting as an agent or as a principal.

INVESTMENT BANKING STRATS

IBD Strats are active in marketing, structuring, pricing and executing transactions for large corporations and
institutions in the capital markets and M&A. We develop state-of-the-art quantitative and analytical methods for
advising clients and building financing and risk-management solutions across products and industries. IBD Strats are
both investment bankers and innovators that create analytics and scalable technology platforms that will shape the
future of investment banking and how we connect with clients. Direct participation in client interactions, deal
execution and other core commercial activities allows us to be in the optimal position to develop technical
innovations that create economic leverage and differentiate the firm. Our team members are financial engineers,
software engineers, and data scientists who share a passion for investment banking and the financial markets. The
IBD Strats Group is the quantitative arm of the Investment Banking Division. To express interest in an IBD Strats
role, please apply to the Strats Division in our online application.

SPECIALTY GROUPS
Mergers & Acquisitions Group: M&A Shareholder Advisory: (MASA) is responsible for analyses related to the
capital markets implications of M&A, as well as marketing, advisory, and execution for defense situations across
regions and industries. As part of its dual mandate, the team works closely with coverage groups to help clients with
the tactical and structural considerations of merger transactions, the impact of trends in both M&A and equity
markets, and engagement with key investors. In parallel, the team covers all live shareholder activism and raid
defense assignments, and evaluates the potential vulnerabilities of corporate clients as part of our leading defense
franchise.

Strategic Advisory Structuring Solutions: SASS focuses on structuring complex M&A, debt, equity and other
financing transactions through expertise in tax, legal and accounting issues. The team’s ability to integrate structure,
financial acumen, market intelligence and distribution prowess provides clients with specific expertise. The team also
drives the development of analytical tools to generate customized capital structure advisory solutions to facilitate
financing and risk management transactions.

Strategic Relationship Management Group (Job Code: SRM2017): The Strategic Relationship Management
(SRM) team has 4 main functions: (1) Provides Global Investment Banking coverage to large Single Family Offices,
delivering clients access to direct, private-equity style investment opportunities including strategic M&A and
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financings, as well as offering ongoing strategic advisory on existing portfolio companies. Clients include some of the
world’s wealthiest families, each with a unique investment strategy. (2) Focuses on providing ultra-high net worth
PWM clients with advisory services and industry expertise within the Investment Bank, as well as access to the firm’s
global resources in the Merchant Banking, Securities and Investment Management Divisions. (3) Serves as private-
side GSAM coverage for IBD clients with investment needs stemming from financing or M&A activity.
(4) Sources IMD cross-divisional client opportunities for both Private Wealth Management and Asset Management
areas. The group interacts extensively with these areas on a global basis, providing an outstanding platform to learn
from working firsthand across all product and industry groups and divisions worldwide.

LOCATIONS
Americas: New York, Houston, Chicago, San Francisco, Los Angeles, Toronto, Calgary, Santiago, Salt Lake City,
Irving, EMEA – London, India – Bengaluru, Asia – Hong Kong, Beijing, Singapore, Seoul, Mumbai, ANZ –
Melbourne, Sydney, Perth, Auckland

APPLICATION PROCESS (BOTH STEPS ARE REQUIRED)

1. Complete the Goldman Sachs online application at www.goldmansachs.com/careers
2. If interested in one of these following groups within Investment Banking: Public Sector & Infrastructure in
New York or Los Angeles, Strategic Relationship Management in New York, Data Resources Group in Salt
Lake City, or Real Estate Financing Group in New York or Irving, please make sure to select the respective
code below.

Group Application Code

Public Sector & Infrastructure PSI2017
Strategic Relationship Management SRM2017
Data Resources Group DRG2017
Real Estate Financing Group REFG2017